John Deere Water includes Kibbutz Gvat's Plastro Irrigation and US companies.
FIMI Opportunity Funds has completed the acquisition of John Deere Water for $60 million. The private equity fund said that it acquired the US company after beating 15 companies in the tender because of its experience and track record in turning companies around.
John Deere Water includes Plastro Irrigation of Kibbutz Gvat and US irrigation equipment companies Roberts Irrigation Inc. and T-Sytems International Inc. Kibbutz Gvat has agreed to the deal. John Deere Water has an annual turnover of $220 million, but its losses prompted Deere & Company (NYSE: DE) to sell it.
FIMI CEO Ishay Davidi said, "The acquisition is in line with FIMI's strategy to acquire companies and establish their center of business in Israel. I am convinced that FIMI's track record in instilling a growth strategy, operational improvements, and company recovery will help it make the necessary changes at John Deere Water."
Published by Globes [online], Israel business news - www.globes-online.com - on February 27, 2014
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